The demand for the Japanese Crypto market is growing if the latest report by the country’s Financial Services Agency (FSA) is anything to go by. According to the financial regulator, more than 190 companies have already expressed their plans to enter the market. Meanwhile, various Cryptocurrency exchanges in the country have undergone through various changes recently.
Japanese Crypto Market Attracts Over 190 Companies
Japan’s Financial Services Agency (FSA) has released a report that shows that the number of firms willing to enter the country’s Crypto market has increased. According to the agency, over 190 companies have expressed an interest in entering the market. In August, the agency revealed that around 160 companies were planning to enter the market with the latest figures revealing an increase by 30.
Companies That Have Announced Plans To Enter Japanese Market
FSA did not reveal the details of the companies that are planning to enter the country’s Crypto market. However, various companies have already announced plans to join the Crypto space. Some of these businesses include Fasteps Co. Ltd., Forside Co. Ltd., and I-Freek Mobile Inc. Appbank Inc., Samurai & J Partners, and Daiwa Securities Group have previously mentioned about joining the Crypto market. The other companies include Yamane Medical Corp., Money Forward Inc., and Yahoo! Japan among others.
Japan’s Improving Crypto Space
Japan is regarded as one of the most Crypto-friendly landscapes in the world. The country has taken a move that many countries are wary of taking, embracing Cryptocurrencies. This has enhanced the growth of the market into one of the world’s largest Crypto market. The country has been introducing various regulatory measures to protect the interest of the investors while at the same time allowing the nascent industry to grow.
Cryptocurrency regulation has been receiving different views from different people. There are those who feel that regulation is good for the sector as it will reduce the risks faced by investors while at the same time allowing the technology to develop. According to BKCM founder and CEO Brian Kelly, a regulated Crypto market could help in eradicating fraudulent Cryptocurrency exchanges and other fake Crypto products. BKCM is a digital investment firm.
Japan currently has 16 registered Cryptocurrency exchanges. Since the enactment of the revised Payment Services Act, all Crypto businesses in the country must register with the financial regulator. FSA has allowed three companies to operate in the country’s Crypto market awaiting the review of their registration application. They include Everybody’s Bitcoin, Lastroots, and Coincheck.
Changes In Japan’s Crypto Landscape
In the past few months, Japan has experienced significant changes in its Crypto landscape. Fisco Cryptocurrency Exchange Inc. recently acquired Zaif exchange. The two trading platforms are regulated by FSC. Huobi, which is also planning to relaunch as Huobi Japan acquired Bittrade. Bitocean exchange will also fall under Madison Group in the coming few months.
On Tuesday, GMO Internet announced that it will not proceed with its plans to develop, manufacture, and sell Crypto mining machines. However, the GMO Coin Crypto exchange’s parent company said its in-house mining activities will not be affected. The company also said it will proceed with its plan to develop its yen-pegged stablecoin.